David Green resigns as Silver Heritage Chairman

Posted On 09 May, 2018 0

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David Green was the Chairman and non-executive director of Silver Heritage. WAS. Green will no longer be a part of the board of directors of the Australian Securities Exchange listed Silver Heritage Group, after he put down his resignation 'with immediate effect'.

The company informed its investors about this announcement and they mentioned that Green had quit on Monday, 'for both personal reasons and also to enable him to focus upon other business interests’. They also announced that the company's non-executive independent director Matthew Hunter will function as the interim Chairman until further notice.

The company further thanked Green for his 'considerable effort and input during his tenure as director.' Green's exit has come as a complete surprise and the company has not yet indicated how the procedure of selecting an able replacement for Green will be conducted.

This is not the first time Silver Heritage has witnessed such an abrupt exit of a top executive. Around 9 months back, the group's co-founder Tim Shepherd left the firm in an equally hurried fashion, just as they were about to announce the launch of a new integrated casino resort in Nepal.

The resort, called Tiger Palace Resort at Bhairahawa on the India-Nepal border, opened operations towards the end of last year. The newly opened resort reported around 7,500 unique visitors and revenue of around $911,000 for the first quarter of 2018. Silver Heritage, however, reported an EBITDA (Earnings Before Interest, Tax, Depreciation and Amortization) loss of $1.9 million for the same period.

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The casino in Nepal has been growing ever since its launch a few months back and we're expecting it to continue to do well even with the stepping down of the group's Chairman. Keep reading GutshotMagazine.com for any updates on this story!

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